| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：临 | 2025-052 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 特此公告。 上海隧道工程股份有限公司 董事会 公司基础设施公募 REITs有关情况请详见公司于2023年7月15日发布的《上 海隧道工程股份有限公司关于开展基础设施公募 REITs 申报发行工作的公告》 （临 2023-020）。 本次发行基础设施公募 REITs 尚需获得中国证监会和上海证券交易所的审 核同意，存在不确定性。公司将根据相关事项进展情况，严格按照法律法规的规 定与要求及时履行信息披露义务，敬请广大投资者注意投资风险。 上海隧道工程股份有限公司 关于基础设施公募 REITs 申报发行工作的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 上海隧道工程股份有限公司（以 ...

Focus 1: Jianlong Micro-Nano (688357) - The company has terminated the planning of a major asset restructuring, which was intended to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity [1] Focus 2: Industrial Fulian - The company has adjusted the maximum repurchase price for its shares from 19.36 yuan per share to 75.00 yuan per share, reflecting confidence in its future development and market conditions [2] Focus 3: *ST Dongtong - The company received a prior notice from the Shenzhen Stock Exchange regarding the proposed termination of its stock listing [3] Focus 4: Fundraising & Restructuring - Aolaide plans to raise up to 299.71 million yuan through a simplified procedure for issuing shares to specific targets, with proceeds allocated for OLED display core material production and working capital [4] - Maigemi has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific targets, meeting all necessary conditions [4] - Su Yan Jingshen has also received approval for its share issuance application, pending final registration with the China Securities Regulatory Commission [4] Focus 5: Important Matters - Baiao Chemical's major shareholders are transferring a total of 10% of the company's shares to Liu Hongjun, resulting in him holding 10% of the total share capital post-transfer [5][6] - Zhejiang Pharmaceutical is planning to spin off its subsidiary for a listing on the Hong Kong Stock Exchange, which will not affect its control over the subsidiary [6] - Huafeng Aluminum is acquiring 100% of Shanghai Huafeng Puen Polyurethane Co., Ltd. for 100.06 million yuan, which will enhance its operational efficiency and market competitiveness [7] Focus 6: New Investments - Fuda Co. is establishing a wholly-owned subsidiary with an investment of 30 million yuan to enhance its forging business and related manufacturing capabilities [8] - Jianghai Co. is forming a joint venture to establish an innovation research institute with a registered capital of 50 million yuan, focusing on strategic technology research [9][10] Focus 7: Capital Market Activities - Zhongshan Bank has issued 60 billion yuan of subordinated debt with a fixed interest rate of 2.16% for a term of 10 years [17] - China Iron and Steel Group plans to increase its stake in China Iron and Steel Co. by investing between 65 million and 130 million yuan over the next six months [18]

Core Points - The company announced that its wholly-owned subsidiary, Shanghai Jianyuan Asset Management Co., Ltd., in collaboration with an affiliated party, Shanghai Urban Construction Real Estate Development Co., Ltd., has jointly acquired the state-owned land use rights for specific plots in Yangpu District, Shanghai [1] - The total investment for the Yangpu project is approximately 828.04 million yuan, with a registered capital for the project company set at 2.13 billion yuan, subject to final government approval [1] - Jianyuan Asset Management will contribute 852 million yuan for a 40% stake, while Urban Construction Real Estate will invest 1.278 billion yuan for a 60% stake, indicating a significant collaboration between the two entities under the control of Shanghai Urban Construction (Group) Co., Ltd. [1]

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-051 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 1 本次交易不构成重大资产重组。 本次关联交易无需经过有关部门批准。 至本次关联交易为止，过去 12 个月内公司与同一关联人或与不同 关联人之间交易类别相关的关联交易已达到公司最近一期经审计 净资产绝对值 5%以上（且金额超过 3000 万元人民币），但鉴于 本次关联交易系与关联人共同出资设立公司，各出资方均全部以 投资标的名称及金额 上海隧道工程股份有限公司（以下简称公司或本公司）下属全资 子公司上海建元资产管理有限公司（以下简称建元资管）与公司关联 方上海城建置业发展有限公司（以下简称城建置业）于近日共同竞得 上海市杨浦区 N090501 单元 A3a-03、A3a-04、A1-04-1 地块（地块公 告号：2025112HC）的国有建设用地使用权（以下简称杨浦地块项目、 该 ...

每经AI快讯，11月26日，隧道股份(600820.SH)公告称，下属全资子公司上海建元资产管理有限公司与 关联方上海城建置业发展有限公司共同竞得上海市杨浦区地块项目，项目总投资82.8亿元。建元资管与 城建置业将联合出资设立项目公司开发该项目，项目公司注册资本暂定21.3亿元，建元资管出资8.52亿 元，持股40%；城建置业出资12.78亿元，持股60%。本次交易构成关联交易，但无需提交股东会审议。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company, Tunnel Corporation (600820.SH), announced that its wholly-owned subsidiary, Shanghai Jianyuan Asset Management Co., Ltd., has jointly acquired the state-owned land use rights for the Yangpu District project in Shanghai, indicating a significant investment in real estate development [1] Group 1: Project Details - The total investment for the Yangpu District project is 8.28 billion RMB [1] - The project company will be established with a registered capital of 2.13 billion RMB, with Jianyuan Asset Management contributing 852 million RMB for a 40% stake, while the associated party, Shanghai Urban Construction Real Estate Development Co., Ltd., will invest 1.278 billion RMB for a 60% stake [1]

Group 1 - The first public REIT for tunnels in China, named "Oriental Red Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed REIT," has been officially submitted for approval [2][4] - The project is initiated by Shanghai Infrastructure Construction Development (Group) Co., Ltd. and managed by Shanghai Dongfang Securities Asset Management Co., Ltd. [3][4] - The REIT project will focus on the Qianjiang Tunnel, a significant highway tunnel in Zhejiang Province, which is 4.45 kilometers long and the first of its kind in the province using shield tunneling technology [4] Group 2 - The China Aviation Nuclear Group's energy public REIT has been accepted for review, initiated by China Nuclear Huaneng Co., Ltd. and managed by China Aviation Fund [5][6] - The underlying assets for this REIT include wind power projects in Guangxi and Xinjiang, with an estimated initial capacity of around 200,000 kilowatts and a valuation of approximately 1.5 billion yuan [6] Group 3 - The "Ping An Xi'an High-tech Industrial Park REIT" has been submitted for approval, marking the first local REIT project in Shaanxi Province [6][8] - This project is initiated by Xi'an High-tech Zone Infrastructure Development Co., Ltd. and managed by Ping An Fund Management Co., Ltd., with an estimated net value of 1.36 billion yuan for the underlying assets [8]

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-050 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 上海隧道工程股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 21 日（星期五）至 11 月 27 日（星期四） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公 司邮箱 600820@stec.net 进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 上海隧道工程股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三 ...

截至发稿，隧道股份市值为204亿元。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 2025年1至6月份，隧道股份的营业收入构成为：施工业占比84.3%，运营业务占比6.91%，投资业务占 比3.38%，设计服务占比2.39%，融资租赁占比1.41%。 （记者 王瀚黎） 每经AI快讯，隧道股份（SH 600820，收盘价：6.48元）11月18日晚间发布公告称，公司第十届第五十 三次董事会会议于2025年11月18日以通讯表决方式召开。会议审议了《公司关于上海建元股权投资基金 合伙企业(有限合伙)清算期延长的议案》等文件。 ...